Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On November 29, 2022, Viveve Medical, Inc. (the "Company") received notice from
the Listing Qualifications Staff (the "Staff") of The Nasdaq Stock Market LLC
("Nasdaq") indicating that, based upon the Company's non-compliance with the
minimum bid price and stockholders' equity requirements for continued listing on
The Nasdaq Capital Market, as set forth in Nasdaq Listing Rules 5550(a)(2) (the
"Bid Price Rule") and 5550(b)(1) (the "Equity Rule"), respectively, the
Company's securities were subject to delisting unless the Company timely
requests a hearing before the Nasdaq Hearings Panel (the "Panel"). The Company
intends to timely request a hearing before the Panel, which request will stay
any further action by Nasdaq at least pending the issuance of a decision by the
Panel and the expiration of any extension the Panel may grant to the Company
following the hearing.
As previously disclosed, on May 31, 2022, the Staff notified the Company that,
based upon the closing bid price for the Company's common stock for the previous
30-consecutive business days, it was not in compliance with the Bid Price Rule,
which requires companies listed on Nasdaq to maintain a minimum bid price of at
least $1.00 per share. In accordance with the Nasdaq Listing Rules, the Company
was granted a 180-calendar day grace period to regain compliance with the rule,
through November 28, 2022. The Company did not evidence compliance with the Bid
Price Rule by that date, which resulted in the issuance of the Staff's
determination to pursue delisting.
Additionally, and as previously disclosed, on November 18, 2022, the Staff
notified the Company that, based upon the Company's stockholders' equity as of
September 30, 2022, the Company no longer satisfied the Equity Rule, which
requires companies listed on Nasdaq to maintain a minimum of $2,500,000 in
stockholders' equity. The Company was granted an extension through January 3,
2023 to submit its plan to regain compliance with the Equity Rule; however,
pursuant to Nasdaq Listing Rule 5810(c)(2)(A) and given the Company's
non-compliance with the Bid Price Rule, the Company's non-compliance with the
Equity Rule now serves as an additional and separate basis for delisting.
The Company will present its plan to regain compliance with all applicable rules
for continued listing on The Nasdaq Capital Market to the Panel at the hearing,
which may include fundraising and a reverse stock split, if necessary.
The Company is diligently working to evidence compliance with the Bid Price Rule
and the Equity Rule as soon as practicable; however, there can be no assurance
that the Panel will determine to continue the Company's listing on Nasdaq or
that the Company will be able to evidence compliance with the applicable listing
criteria within the period of time that may be granted by the Panel.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses
VIVEVE MEDICAL, INC. 
